Should I Sell My House Now or Wait? Experts Say: Don't Wait Too Long
Moving is a big deal, and the decision of whether to sell your house now or wait is rarely an easy one. But in 2021, perhaps more so than any other moment in history, sellers have received sign after sign that it’s an opportune window to put their house on the market — at least from a financial standpoint.
A tidal wave of demand was met with a sorry amount of housing supply as a result of material costs, supply chain disruptions, and years of chronic underbuilding in the new construction industry. Early in the summer, it looked like mortgage rates were going to climb, but then they dropped again amid Delta variant fears.
But while the market is definitely still hot, there are signs that it may be beginning to cool. Even price drops are on the rise. In fact, according to one recent analysis, the number of sellers who've lowered their asking price has now increased for 15 consecutive weeks, pushing the share of homes for sale with a price drop to 4.9 percent. That's the highest it's been since 2019.
Asking prices have eased back to where they were in May, and while they are still being bid up half of the time, homes are selling for less of a premium above list price than they were last month. Overall, the market is becoming more balanced and following typical seasonal trends. The scales are still tipped in favor of sellers, but if you want top dollar.. don't wait.
Even if you keep pace with up-to-date information about the housing market and your equity situation, deciding whether to sell now or wait often comes down to a battle between your heart and mind. When in doubt, talk with a top real estate agent who knows your local market inside and out to help you weigh both your personal and financial motivations.